All Forum Posts by: Dale K Poyser

Agree with the previous comments. If you are catching mistakes then whoever you are using now is not being thorough enough.

A good tax preparer (CPA) will save you more than you pay them, make them selves available throughout the year, and also guide you on making the best financial decisions. For example 

Option A - you pay $800 and your tax bill is $2,000 so a total out of pocket of $2,800. 

Option B - a good CPA that charges you $3,500 but your tax "return" is $7,000 so you actually get $3,500 in your pocket. 

Which option sounds better to you?

 How do you self manage that many doors out of state? I'm in CA as well, let's connect :)

Why are you communicating to the tenant and not the prop management company? That is what you hired them for? Most leases have occupancy rules so the truck driver is who you signed the lease with, the other occupants don't have legal rights to live in the property, you should be able to get them out based on that alone.

I would go through the lease with a fine tooth comb to look for violations, and also hire an attorney as was previously mentioned. Brush up on the eviction laws. 

You could also do cash for keys - but I think considering his girlfriend is not on the lease that is a window to get them out.

Also, add this to a list of things you discuss with a future PM. PMs are supposed to take care of this so if you are reaching out to the tenant directly, get rid of them.

Good luck,

 Do they generate the 3D model? How did you find that photographer? That's brilliant!

Wow this is amazing! I am thinking about getting into this MTR space and this helps alot. Would love to connect with you.

All good advice. I'm an OOS investor but not for Detroit. I agree you should find local experts for whatever city you're interested in. Of course before that you should pick a city.

Also pick some metrics that you can use to quickly evaluate neighborhoods and listings. If you can narrow it down to zip codes and neighborhoods you can quickly determine what the demand will be for a property and what kind of tenants you can pull.

Here are some sites I use and would recommend

https://www.city-data.com/

https://www.bestplaces.net/

https://censusreporter.org/

https://www.neighborhoodscout.com/

Sorry this happened to you. Agreed with previous comments get on the forums, network network network, find a new PM company but also vet that company to ensure they are reliable and won't put you in this position again.

There should be some posts on the detroit market on biggerpockets, also chack out the facebook groups, Yelp, Google reviews, thumbtack.

Good luck!

Have a friend who did it. Sounds like a lot of paperwork but if the pay is similar and you want to start a career in real estate this might not be a bad idea.

Couple things you could do

1 - a personal loan for the down payment.  You'll just need to "season" the Funds by having them in your account for two months or more. 

2 - Secured or non-secured line of credit. A lot of banks offer this and if you have cashflowing multifamily properties you should be able to establish business lines of credit with various banks. Some lines of credit can be as high as a couple million.

3 - HELOC or HELOAN from your primary residence or investment properties.

4 - offer an equity split to investors 

5 - Find sellers with 100% equity and see if they will do seller financing.

Im bullish on

Central Florida 

Arizona 

Las Vegas